Avadim Health, which develops and sells topical products for immune, muscular, and skin health, officially withdrew its plans for an initial public offering on Friday.
In January 2020, Avadim had filed to raise $75 million at a proposed market cap of $366 million, before postponing the offering in early February, which the company's CFO recently attributed to COVID-19 volatility. The company had not filed an IPO amendment in over a year.
Instead, Avadim received a $2 million PPP loan in April 2020, according to various online sources; additionally, the company raised less than $1 million in new equity, according to form D filings. Its CFO stated that Avadim went on to have its third- and second-best quarter in its history in terms of revenue in the 2Q20 and 3Q20.
The company sells products under the Theraworx Relief and Theraworx Protect brands. Its cosmetic and OTC homeopathic drug products include various antiseptic wipes, sprays, and foams, in addition to topical pain relief creams for muscle cramps, restless leg syndrome, and arthritis.
The Asheville, NC-based company was founded in 2007 and booked $44 million in sales for the 12 months ended September 30, 2019. It had planned to list on the Nasdaq under the symbol AHI. Raymond James, Truist Securities and Oppenheimer & Co. were set to be the joint bookrunners on the deal.
